China Tech Newsletter – Aug. 14-17, 2015

WeBank Screenshot
WeBank Screenshot

WeBank, Tencent’s bank affiliate, launched its mobile app, available on iOS and Android, on August 15. It enables users to make mortgage payments and send money (currently only available for transferring money between different bank accounts under one user). It also offers a couple of investment funds.

The app supports WeChat and QQ (Tencent’s flagship IM service) login and requires real name verification.

The online-only bank was officially launched in January this year and rolled out small loans on Tencent’s QQ Wallet app later in May.


Meal delivery service saw its total transaction volume septuple year-over-year to RMB7 billion (about US$1.1b) in 2014.

It now has had 40 million accumulated users from 260 cities, with some 300,000 restaurants on its platform. Daily orders have reached 2 million that generate some RMB60 million (about US$9.7m) in sales. 98% of the orders are placed through mobile devices.

The company has a delivery team of some 4000 people. Earlier in June it rolled out an in-house developed delivery management system. The company announced yesterday to expand to 500 cities by the end of this year. announced US$350 million funding from Tencent,, Dianping, Sequoia Capital and CITIC PE earlier this year. Its competitors in meal delivery include Meituan, Alibaba’s Koubei, Baidu Takeout and Tencent-backed Dianping.


China Investment Corporation leads a US$400 million round of funding in GrabTaxi, a Southeast Asia-focused ride-hailing service. — The Wall Street Journal

iDreamsky announces to invest US$10 million into US game developer and publisher Rumble. It will publish Rumble’s KingsRoad in Asia. (via Sina Tech)

Legend Holdings, Lenovo’s parent company, launched Joyvio Market (or Jiawo), an online farm goods store. Joyvio is Legend’s agriculture business

YY reported second quarter results.

Xueda reported second quarter earnings.






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